IMAP global Infrastructure Sector Leaders look at the current state of the Infrastructure sector and why it’s necessary for governments to continue to try to bridge the infrastructure gap generated by recent global underinvestment. They detail the trends impacting the M&A landscape now and moving forward and identify the key market players and investors. They also share insights on the unique characteristics of the US Infrastructure market.

1. C o n t e n t s
Introduction 3
Sector Overview 4
Sector Trends 10
Transactions 24
Investor Landscape 30
US Perspective 44
IMAP
International M&A Partners
IMAP INSIGHTS
F E B R U A R Y 2 0 2 1
OUR M&A PERSPECTIVE
ON THE GLOBAL
INFRASTRUCTURE
SECTOR

2. INTRODUCTION
As a result of the COVID pandemic it
is highly likely we will see large public
expenditure in infrastructure in the Energy and
Transport sub-sectors, which historically have
been the most active, yet as they have matured
have seen deal growth stall. Nowadays, the
big winners are new sub-sectors such as
Digital and Social, which are seeing increasing
global appetite for infrastructure. Furthermore,
transactions involving digital infrastructure
are benefitting from tremendous tailwinds
amid the continued penetration of cloud
service providers, resulting in traditional deals
becoming less frequent.
We expect the infrastructure sector to remain
vibrant, as governments try to bridge the infra
gap that has been generated by the recent
global underinvestment in infrastructure.
Significant dry powder reserves and strong
competition are pushing up asset prices and
depressing projected returns, which may be
preventing deal flow for more opportunistic
investors. Nonetheless, the US and Europe
seem to be gearing up to carry out massive
infrastructure investments from 2021 onwards
to deal with the global pandemic, which can
bring new greenfield opportunities to the
market.
We have seen little change in investor mix-
up, with pension funds retaining their role as
the largest investors. Foundations, insurance
companies and banks are the next largest
categories. We are however, seeing the surge
of «Godzilla» sized funds, as well-known fund
managers seek to break records by raising close
to USD 20 billion for their latest vehicles, with
many trying to avoid the trend of LP’s becoming
competitors.
SERGIO MILIC
ENRIQUE VARGAS
GONÇALO VAZ BOTELHO
BILL SPRAGUE
IMAP global Infrastructure Sector Leaders: Gonçalo Vaz Botelho, Bill
Sprague, Enrique Vargas and Sergio Milic look at the current state
of the Infrastructure sector and why it’s necessary for governments
to continue to try to bridge the infrastructure gap generated by
recent global underinvestment. They detail the trends impacting
the M&A landscape now and moving forward and identify the key
market players and investors. They also share insights on the unique
characteristics of the US Infrastructure market.
3
2
OUR M&A PERSPECTIVE
ON THE GLOBAL
INFRASTRUCTURE
SECTOR
IMAP

3. Transportation
Power, Utilities
& Networks
Digital
Infrastructure
Social
Infrastructure
4 SECTOR OVERVIEW
IMAP
INFRASTRUCTURE SECTOR OVERVIEW
Supporting Real Economies
Infrastructure is the set of
fundamental facilities and
systems that support the sustainable
functionality of households and firms.
Primary Infrastructure Sectors
The primary sectors are divided into
core: brick & mortar, and non-core:
newcomers, such as Digital and Social.
Previously public, Transportation,
Power, Utilities & Networks are now
privately owned and invested.
▪ Deals in this sector have subsided as opportunities become
increasingly scarce. Funds are accepting greater exposure
to demand risk and diversifying into less mature markets in a
race for yield.
▪ Renewable energy deals still dominate this space.
▪ ESG trends are expected to create further room for growth.
▪ Privatization of water distribution & sewage networks is likely to
increase deal flow in this space.
▪ Some legacy natural monopolies are being forced to carve-out
and privatize their fibre networks and/or TelCo towers.
▪ Appetite for digital infrastructure is growing globally.
▪ Deals involving Healthcare PPPs and social housing are
very prevalent in this space. Still further room for growth as
demographic pyramids worsen, particularly in Europe.
▪ Toll roads
▪ Ports
▪ Airports
▪ Rail
▪ Power generation assets
▪ Electrical power grids & pipelines
▪ Water distribution networks
▪ Water sewage & treatment plants
▪ Data centers
▪ Dark fibre networks
▪ LTE/5G network (TelCo towers)
▪ Healthcare facilities
▪ Defence networks & equipment
▪ Firefighting equipment (e.g. helicopters)
MAIN ASSET CLASSES
Core
sectors
Non-
core
sectors
5
SECTOR OVERVIEW

4. 7
6 SECTOR OVERVIEW SECTOR OVERVIEW
IMAP
SECTOR TRENDS -
OVERVIEW
Despite the recent contraction
in the number of actual deals
closed, aggregate deal value has been
steadily growing. Deals are becoming
larger, with investors increasingly
interested in larger class assets,
average deal size is subsequently
growing.
In terms of trends in the sector,
we expect to see:
▪ Projects financed through PPPs coming
to the forefront, in an effort to stimulate
economic activity and recovery.
▪ Increase in investments in
Telecommunications Services and Power
caused by the acceleration in the digital
transformation of the work-place in response
to the COVID pandemic.
▪ Chinese investment will continue to flow
throughout the world, despite increasing
unease among developed countries.
▪ Investments in Interconnectedness,
Sanitation, Education and Telecommunication
as local/domestic markets look to improve
reliance of supply chains.
▪ Stricter environmental standards to come
into play and infrastructure will be required to
become more resilient.

5. 9
8 SECTOR TRENDS SECTOR TRENDS
IMAP
PPPS AS MECHANISM TO STIMULATE
ECONOMIC ACTIVITY AND RECOVERY
Projects financed through PPPs will come to the forefront, as a key ingredient in government efforts to use
infrastructure as a “recovery” sector.
Mechanism Challenges PPPs in the Future
The current pandemic presents challenges to the 2 alternatives under which PPPs
have been traditionally structured
Governments will need to act much more tactically to attract private capital
Infrastructure
capital gap
will widen
Less leveraged structures
Contingent
guarantees
Blended finance
Demand-Based-Projects
Traffic
Risk
Difficult to finance
No Government balance
needed
Availability-Based-Projects
Mitigated
Traffic-Risk
Reduced financing risk
Government balance needed

6. 11
10 SECTOR TRENDS SECTOR TRENDS
IMAP
PANDEMIC IMPACT IN INFRASTRUCTURE
SUBSECTORS
Airports Roads Healthcare Telecom Power
The pandemic has considerably accelerated the digital transformation of the work-place. The velocity at which
companies and communities are adopting a more digital environment is remarkable.
Challenges in Infrastructure Advisory Services Opportunities
Sector Investment Trend
▪ Refinancing opportunities due to lower interest rates and
new traffic levels (revenue shortfalls)
▪ Secondary M&A opportunities due to:
4 Pension funds looking for stable yields and long-life
assets
4 Increased equity requirements mean that project
sponsors will have to turn to their capital in order to
keep their ongoing concerns
Investments in telecommunication services and power are the new investment trend. Changes ranging from satellite internet and fiber optic, to giant
batteries to store intermittent green energy throughout the day.
▪ Revenue shortfalls
4 Airports
4 Toll-Roads
▪ Demand increase
4 Telecom
4 Power
4 Healthcare

7. 13
12 SECTOR TRENDS SECTOR TRENDS
IMAP
CHINESE INVESTMENT WILL CONTINUE TO
FLOW THROUGHOUT THE WORLD
Chinese investment, based on the ”Belt and Road” initiative, has been a relevant player in infrastructure investing
over the last decade. However, there are increasing sign of uneasiness among developed countries concerning safety
issues, especially for Core+ and Non-Core, so the question is, will this investment be welcome?
SAMPLE OF RECENT CHINESE TRANSACTIONS
Huawei 5G
Networks
Europe
Port of
Ambarli
(Kumport)
Nuclear
Facilities
Bogotá’s
Subway
Water Utility
Company
Compañía
General de
Electricidad
de Chile
Lagos Light-
Rail Mass
Transit
Port of
Melbourne
Oil Pipeline
Developed Countries
Developing Countries

8. 15
14 SECTOR TRENDS SECTOR TRENDS
IMAP
SUPPLY CHAIN VULNERABILITY ENVIRONMENTAL INFRASTRUCTURE
The pandemic has revealed the vulnerability of
extended supply chains.
COVID-19 has raised awareness of the need to build a more resilient infrastructure;
one which can withstand shocks.
Infrastructure Priorities Shifted -
Concepts Such as “Re-shoring” and “Self-reliance” are Here to Stay
Past
▪ The trend was to “bring your country
to the world”
▪ Investments:
4 Roads
4 Ports
4 Airports
▪ Bringing an entire community onto
the local/domestic market looking to
locally source production and increase
the reliance of the supply chain
▪ Investments:
4 Interconnectedness
4 Sanitation
4 Education
4 Telecommunication
Future
Government’s Stimulus Agenda Will Come,
Influenced by Stricter Environmental Standards
Minimize greenhouse
gas emissions
A
Minimizes local pollution
of hazardous waste
F
Minimizes local pollution
of air
E
Resilient to climate change
and natural disasters B
Minimizes local pollution
of water C
Minimizes local pollution
of solid waste D

9. 17
16 TRANSACTIONS TRANSACTIONS
IMAP
IDIOSYNCRASIES OF AN INFRASTRUCTURE
TRANSACTION
MOST COMMON TYPE OF
INFRASTRUCTURE DEAL
Historically the most active
infrastructure sub-sectors have
been Energy and Transport, but as
these sectors mature, deal growth
has stalled in this space and new
sectors such as Digital infrastructure
are becoming increasingly in vogue.
Due to COVID however, it’s highly likely
there will be large public expenditure
in infrastructure in the Energy and
Transport sectors.
Global Infrastructure Deals by Industry 2015-2019
Source: Preqin Pro and IMAP calculations
▪ Overall deal activity has fallen by 21% since its peak in 2016.
▪ The bulk of investment is still concentrated in the 2 most traditional infra sectors: Transport and Power, Utilities
& Networks.
▪ Traditional infra deals are becoming less frequent, as opposed to transactions involving digital infrastructure,
which are benefiting from tremendous tailwinds amid the continued penetration of cloud service providers.
77% deals
in Power,
Utilities &
Networks
3500
3000
2500
2000
1500
1000
500
0
2015 2016 2017 2018 2019
Renewable Energy Conventional Energy Utilities
Transport Telecoms Social
Other
Infrastructure transactions have some
particularities that differ slightly from those
of a normal M&A transaction.
Clients fall into 3 main
categories:
End-investors willing to invest
directly in a project/asset.
Infra funds that raise funds from
end-investors and pool them into
projects/assets.
Strategic sector players that are
specialized in a specific infrastructure
category.
Recent market trends have seen end-
investors developing in-house infra
teams and by-passing infra funds,
investing directly in projects/assets,
which are typically either greenfields
(unbuilt) or brownfields (in operation)
and, may or may not, be exposed to
market risk.
Publicly-backed projects’ revenues are
usually directly related to regulatory
regimes, and generally fall into one
of multiple contractual frameworks,
e.g. PPPs, Concessions, Grants and
inter alia - financial models tend
to be contractual pieces in PPPs
& Concessions. Privately-backed
projects on the other hand, usually
involve contracted assets, with a
significant portion of revenues tied to
long-term contracts with blue-chip
private companies. These assets
often have a maturity (concession
term), which makes the terminal
value dependant on the probability
of concession renewal and they are
normally capital-heavy/intensive.
Given the recent decline in public
benchmark debt yields in most OECD
countries, current transactions usually
involve some sort of refinancing to
optimize the financial costs of the asset
and infra leverage ratios typically exceed
that of other assets, making equity
yields heavily sensitive to financing/
refinancing outcomes. Furthermore, due
to the amount of leverage that these
assets accept, advisor fees are usually
calculated on an equity basis.

10. 19
18 INVESTOR LANDSCAPE INVESTOR LANDSCAPE
IMAP
INFRASTRUCTURE GAP INFRASTRUCTURE INVESTORS
We expect the infrastructure sector to remain vibrant, as governments try to bridge the gap
that has been generated by the recent global underinvestment infrastructure. UN’s SDGs
will also act as a major catalyst for investment.
There has been little change in investor mix-up, with pension funds retaining their role as the
largest investors. Foundations, insurance companies and banks are the next largest categories.
Infrastructure Investment at Current Trends & Future Needs End-investors in Infrastructure by Type, 2015 vs. 2019
USD Trillion % of total investment
Source: G20 Global Infrastructure Hub and IMAP calculations Source: Preqin Pro and IMAP calculations
▪ Significant dry powder and strong competition are pushing up asset prices and depressing projected returns,
which may be preventing deal flow for more opportunistic investors.
▪ Nonetheless, the US and Europe seem to be gearing up to carry out massive infrastructure investments from
2021 onwards to deal with the global pandemic, which can bring new greenfield opportunities to the market.
▪ Strong and consistent returns, as well as regular cash flows and inflation linked returns, have proven to be
durable attractions for institutional investors such as pension funds that seem to be allocating approx. 2% of
their AUM to this asset class.
▪ For the majority of investors, Infrastructure remains a risk-mitigator and downside-protector rather than an
alpha-generator.
▪ LATAM is also an important emerging market with great potential for infrastructure development.
Current Trends Investment Need Investment Need (Incl. SDGs)
5,0
4,5
4,0
3,5
3,0
2,5
2,0
1,5
1,0
0,5
0,0
2007
2009
2011
2013
2015
2017
2019
2021F
2023F
2025F
2027F
2029F
2031F
2033F
2035F
2037F
2039F
2015
17% 17%
15%
12%
9% 9%
9% 9%
7% 7%
5%
8%
6%
2%
3% 3% 3%
2%
5%
7% 7% 7% 7%
6%
3% 3%
2%
1% 1%
6%
2019
Private
sector
pension
fund
Public
pension
fund
Foundation
Insurance
company
Bank
Asset
manager
Family
office
Endowment
plant
Wealth
manager
Corporate
investor
Government
agency
Superannuation
scheme
Fund
of
funds
manager
Sovereign
wealth
fund
Other

11. 21
20 INVESTOR LANDSCAPE INVESTOR LANDSCAPE
IMAP
LARGEST INFRASTRUCTURE
END-INVESTORS
INFRASTRUCTURE FUNDS –
THE ALTERNATIVE TO DIRECT
ASSET INVESTMENTS
▪ While allocations to Infrastructure investments are at all-time highs, this capital is largely flowing to a small
group of large fund managers.
▪ Open-ended funds have been steadily growing and are the unsung heroes of the Infrastructure fund space,
gaining momentum over other fund classes.
End-investors are channelling
larger portions of their AUMs to
the infra sector, via a mix of direct
project investments and/or capital We are now seeing the surge
of «Godzilla» sized funds, as
well-known fund managers seek
calls into infra funds. Direct asset
purchases made by end-investors are
becoming more common as those
long in cash are both willing and have to break records by raising close
to USD 20 billion for their latest
vehicles – with many trying to
the capacity to aggressively target
and close large deals. With low interest
rates, infra investments have become
more attractive. avoid the trend of LP’s becoming
competitors.
Source: Infrastructure Investor Global Summit, Mergermarket & IMAP
Source: IPE Real Assets – July 2019 & IMAP
Largest
institutional
investors by
committal
to the asset
class
With more than
USD 10 billion
committed to
infra
Institution Name Country
Estimated Infra
Allocation (%)
Infra AUM
($M)
Main Sector Focus
CPP Investment Board Canada 11.89% 34,928.10
Power, utilities & network
(PU&N)
Abu Dhabi Investment Authority UAE 3.00% 24,840.00 Unstated
National Pension Service of Korea South Korea 3.57% 20,452.30 Transportation, PU&N
Allianz Capital Partners GmbH Germany 51.38% 16,718.90 All
CDPQ Canada 7.35% 16,666.90
All w/ growing focus on ESG
projects
China Investment Corporation China 1.60% 15,000.00 All
APG Asset Management Netherlands 2.56% 14,371.10 Transportation, PU&N, Social
Ontario Teachers’ Pension Plan Canada 9.50% 13,305.50 Transportation, PU&N, Social
OMERS Canada 18.20% 12,938.70 Transportation, PU&N
PSP Investments Canada 10.00% 12,592.10
Power, utilities & network
(PU&N)
BCI Canada 10.37% 11,917.50
Power, utilities & network
(PU&N)
Pensioenfonds Zorg en Welzijn Malaysia 4.84% 10,199.00
Power, utilities & network
(PU&N)
Largest
infra funds
by AUM
Institution Name Country
Estimated Infra
Allocation (%)
Infra AUM
($M)
Macquarie infrastructure (MIRA) Australia 90% 107,691
Brookfield Asset Management Canada 32% 99,234
M&G Investments UK 17% 51
Global Infra. Partners US 100% 50,285
IFM Investors Australia 52% 37,629
Allianz Global Investors Germany 6% 29,31
The Carlyle Group US 13% 24,066
BlackRock US 0% 20,539
Global Energy Partners US 100% 19,955
AMP Capital Australia 14% 18,55
MetLife Investment Advisors US 3% 18,131
DWS Germany 21% 16,433
Examples of some direct investments made by end-investors:
Concessionaire of natural
gas regional distribution
networks in Portugal
75% stake for €368M
(equity)
UK’s leading port
operator, with a unique
network of 21 ports
34% stake for £1.62B
(equity)

12. 23
22 INVESTOR LANDSCAPE INVESTOR LANDSCAPE
IMAP
FUNDRAISING TRENDS PRIMARY INVESTMENT STRATEGIES
Aggregate deal value has been
steadily growing, despite the
recent contraction in the number of
Although there are several fund strategies, most fall
under 3 main umbrellas.
actual deals closed. With investors
increasingly interested in larger
class assets, average deal size is
subsequently growing. GPs however, are
finding it difficult to deploy capital and
still hit their desired return thresholds.
Value of Infrastructure Deals & Remaining dry Powder 2010-2019
USB Billion
Source: Preqin Pro and IMAP calculations
▪ High dry powder and strong competition are pushing up asset prices and depressing projected returns, all of
which prevents deal flow.
▪ The bulk of deals involved assets located either in North America (28%) or Europe (38%). Deals also take place in
LATAM and Asia, and we expect things to start moving in Africa, where infra is still very much a public market.
▪ Amount of dry powder expected to reduce over the coming years as the US and EU launch their fiscal stimulus
packages to deal with the economic fallout of COVID-19.
Aggregate Deal Value ($bn) Dry Powder ($bn)
600
500
400
300
200
100
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
485
212
CORE CORE PLUS / VALUE-ADD OPPORTUNISTIC
▪ Assets with mitigated top line
risk – contracted/regulated,
with low operational
complexity & fully deployed
▪ Brownfield assets (fully built
with operational track record)
▪ Regulatory and/or direct
public sector involvements.
Long term concession
agreements or revenue
contracts with strong
counterparties (sovereigns)
▪ GDP resilient, demand
inelastic, pricing certainty
▪ Correlated with inflation,
frequently through
contractual links
▪ Located in stable OECD
countries
▪ Minimal value creation
opportunities at project level
▪ Toll roads, social infra, certain
utilities
▪ Target equity returns of 6-8%
▪ Public equity, private closed-
end and open-end funds
▪ Assets with some operational
risks, but which can be
heavily mitigated/hedged
▪ Primarily brownfield assets,
but with some capital
expenditure requirements (to
update/expand)
▪ Some public greenfield assets
with limited construction and
demand risk – e.g. greenfield
PPP’s. Opportunity to create
value through management
inputs
▪ Short/long term contracts
with high barriers to entry
that protect yield
▪ Some inflation sensitivity
▪ Primarily located in stable
OECD countries
▪ Some value creation
opportunities at project level
▪ Railways, airports and gas
networks
▪ Target equity returns of 10-
12% - mix of yield and capital
appreciation
▪ Private closed-and-open-end
funds
▪ Exposure to unmitigated
risks – power price, roads
and ports traffic. Exposure to
market competition
▪ Brownfield/greenfield assets
without demand guarantees
▪ Revenues exposed to market
cycles. Occasionally backed
by corporate guarantees
▪ Fully exposed to economic
cycle and competition
▪ Large inflation sensitivity
▪ Located in OECD and
emerging markets
▪ Material value creation
opportunities
▪ Corporate platforms –
distribution/logistic centres
- similar risk profile to PE
▪ Target equity returns
in excess of 14% - high
weighting to capital
appreciation
▪ Private closed-end funds

13. 25
INVESTOR LANDSCAPE
INFRASTRUCTURE ASSET YIELDS
VS COMPETITION
Too much money chasing too few
deals has caused a generalized
drop in infra yields. Infra assets are
increasingly being sold in organized
processes that generally bring lower
returns to new investors. Hence, new
investors are increasingly interested
in bilateral, as opposed to organized
processes – these are primarily
secondary transactions in brownfield
assets. Therefore, it is crucial to identify
regional brownfield assets that can be
transacted far in advance for clients
looking to partic ipate in worldwide infra
projects with private investors.
Private Capital: Horizon IRRs by Asset Class
Annualized returns
Source: Preqin Pro and IMAP calculations
▪ Infrastructure returns have been generally stable over the last 10 years, whilst recent demand for assets has
brought about a drop in yields.
▪ Both capital calls and distributions are likely to decline, as fund managers delay making acquisitions or exits in 2021.
▪ It seems likely that unlisted Infrastructure funds will be among the most insulated from the volatility and disruption
that affected global markets in the first half of 2020.
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
1 Year to Jun-19
Private Capital Private Equity Private Debt Real Estate Infrastructure
3 Year to Jun-19 5 Year to Jun-19 10 Year to Jun-19
24 INVESTOR LANDSCAPE
IMAP

14. 27
26 US PERSPECTIVE US PERSPECTIVE
IMAP
UNIQUE CHARACTERISTICS OF THE US
INFRASTRUCTURE MARKET
EFFECTIVELY ALIGNING PROJECTS
AND CAPITAL
The United States has woefully
underinvested in infrastructure
for years, as such, the Congressional
Budget Office estimates that in
excess of USD 2 trillion is needed by
2025.The US is currently at a record
low in terms of annual investment
into infrastructure as a % of GDP,
and near the bottom of all developed
countries.
An integrated Infrastructure Plan
was at the core of President Trump’s
initial policy proposals, but like most
prior Administrations, there were no
significant legislative initiatives nor
Executive Orders focusing on the
Infrastructure needs of the country.
In the US, Government capital
will largely focus on projects
that are deemed critical in nature, but
do not necessarily generate ongoing
cash flow. Private capital will focus on
higher revenue generating projects,
both critical and non-critical, whereas
In contrast to much of the world,
concessions and large PPP projects
are not core parts of the US
Infrastructure market. More often
than not, governments, at all levels,
want private capital to bear the
financial risk, but are not willing
to provide a reasonable return on
that capital. Furthermore, every
administration for the past 20+ years
has included Infrastructure programs
in their initial policy initiatives, but
very few such programs have had a
significant impact on the capital flows
into the sector. The most effective
policy tools have been tax and related
credits, especially in the Energy
sector (i.e. LCFS credits, RINs, etc.),
non-critical, low revenue generating
projects will not attract any capital, be
it public or private.
While prospects are still uncertain at
the Federal level, at the State and
local levels there are no prospects for
but the lack of long-term certainty
surrounding those credits has
impacted capital flows.
At this point, the likelihood of
meaningful increases in infrastructure
spending under the Biden
administration remain uncertain.
▪ Biden has proposed a USD 2.4 trillion
infrastructure plan, largely focusing
on the Energy and Transportation
sectors
▪ That bill, or any similar legislation,
will face political challenges, even
though the Democrats now narrowly
control the senate
material infrastructure investments.
Both State and local budgets have
been decimated by the COVID-19
pandemic, and many are struggling
to fund basic needs, which leaves
no capital for infrastructure, or any
other investments. Given these
dynamics, and the current low interest
rate environment, well structured
infrastructure projects and companies
can and will be financed by private
equity and debt providers.
INFRASTRUCTURE CAPITAL
PROVIDERS ARE BINARY. RISKS
MUST BE MITIGATED AND CANNOT
BE “PRICED”
The key to attracting capital providers
is making sure that the investment
opportunity can properly address the
key transaction criteria that nearly all
capital providers adhere to.

15. 29
28 IMAP INFRASTRUCTURE DEALS IMAP INFRASTRUCTURE DEALS
Energy assets developer and operator
CANADA
Acquired Majority Control
of Business Operations
Energy distributor and commercializer
COLOMBIA
ADVISED ON PURCHASE OF COMPANY
Public utilities company
COLOMBIA
Acquired 100%
of Business Operations
Electricity distributor and commercializer
COLOMBIA
ADVISED ON PURCHASE OF COMPANY
Engineering and infrastructure group
INDIA
Acquired Oil & Gas Divisions
from TREVI Group
Design, manufacturing and distribution
of drilling and workover rigs
ITALY
ADVISED ON SALE OF COMPANY
Largest biogas producer in Brazil
(subsidiary of JMalucelli)
BRAZIL
Acquired Selected Assets
of Seller’s Business
Landfill gas project in Rio de Janeiro
and Sao Paulo
BRAZIL
ADVISED ON SALE OF COMPANY
IMAP INFRASTRUCTURE DEALS
Selected IMAP International deals 2018-2020
Constructor of large,
complex civil infrastructure
ITALY
Capital increase and debt
refinancing
General constructor of
public infrastructure
ITALY
FINANCIAL ADVISOR OF SALINI IMPREGILO S.P.A.
Multi-disciplined contractor across road and
bridge building, paving, and land development
CANADA
Acquired 100%
of Business Operations
Road and bridge maintenance contractor
CANADA
ADVISED ON SALE OF COMPANY
Construction company / Port operator
CHILE
Acquired Majority Control
of Business Operations
Concession to operate and maintain a port terminal
CHILE
ADVISED ON SALE OF COMPANY
Infrastructure fund
FRANCE
Acquired Majority Control
of Business Operations
Ski resorts manager
FRANCE
ADVISED ON SALE OF COMPANY
Global developer, investor and
manager of infrastructure
UNITED KINGDOM
Acquired Investment Interest
in Seller’s Business
4G PPP toll road concession
COLOMBIA
ADVISED ON PURCHASE OF COMPANY
IMAP
All-encompassing solar company
FRANCE
Acquired 100%
of Business Operations
2 Solar Farms with 2.8 MW installed capacity
SPAIN
ADVISED ON ACQUISITION
Auras de Guijo
and Aura de Agudo

16. 31
30 ABOUT IMAP ABOUT IMAP
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United Kingdom
ABOUT IMAP
INTERNATIONAL MERGERS & ACQUISITION PARTNERS
Consistently ranked among the Top 10 middle market M&A advisors worldwide
GLOBAL PERFORMANCE 2020
450+
TEAM OF IMAP
PROFESSIONALS
WORLDWIDE
218
M&A TRANSACTIONS
47
YEARS OF M&A
EXPERIENCE IN THE
MIDDLE MARKET
$12.5bn
TRANSACTION VALUE
60+
OFFICES IN 43
COUNTRIES
30%
CROSS-BORDER DEALS
1 PwC
2 KPMG
3 Deloitte
4 Houlihan Lokey
5 Rothschild
6 IMAP
7 EY
8 Oaklins
9 Goldman Sachs
10 Lazard
$12.5bn
CLOSED DEAL
VALUE 2020
6th
IN THE WORLD
GLOBAL
PERFORMANCE
ENTREPRENEURIAL SPIRIT
• IMAP is a partner-driven, client-
focused and independent M&A
advisory.
• Senior experience and hands
on involvement in deals –
230 Senior Transaction/
Transaction Advisors.
• Worldwide IMAP team
comprising 450+
professionals.
MIDDLE MARKET FOCUS
• Sell-side advisory for primarily
privately held companies and
spin-offs from large groups.
• Strategic acquisitions for
international corporates.
• “Sweet –spot” Transaction
Values $20 – 250 million.
• Strong PE and Family Office
Coverage.
GLOBAL REACH
• Proven cross-border advisory
practice.
• Global sector & project teams
across 15 sector groups.
• Leveraging local knowledge
and corporate access in all
relevant international markets.
EXECUTION EXPERIENCE
• IMAP has closed over 2,100
transactions valued at $90
billion in the last 10 years.
Ranking based on number of transactions
closed in 2020. Undisclosed values and
values up to $500 million.
Source: Refinitiv and IMAP internal data.
Building Products & Services
Business Services
Consumer
& Retail
Energy
& Utilities
Financial Services
Food & Beverage
Healthcare
Industrials
Materials,
Chemicals
& Mining
Real Estate
Technology
Transport
& Logistics
Automotive
Education
& Training
4%
9%
9%
7%
7%
7%
12%
6%
5%
14%
6%
4%
5%
5%
DEAL
DISTRIBUTION
BY SECTOR

17. Report Contributors
IMAP
Contact:
IMAP, Inc.
Balmes 151, 1st floor
08008 Barcelona - Spain
T. +34 936 026 710
www.imap.com
© IMAP, Inc. 2020
International M&A Partners
BILL SPRAGUE
Managing Director
Capstone Headwaters – IMAP USA
william.sprague@imap.com
GONÇALO VAZ BOTELHO
Managing Partner & CEO
Invest Corporate Finance – IMAP Portugal
goncalo.botelho@imap.com
ENRIQUE VARGAS
Vice President
Inverlink SA – IMAP Colombia
Bogota, Colombia
enrique.vargas@imap.com
SERGIO MILIC
Director
South Andes Capital – IMAP Chile
sergio.milic@imap.com